Tribune Publishing rejects Gannett offer

The Tribune Publishing Co. says it has rejected Gannett’s more than $388 million bid to buy the business.

Last month, Gannett offered to buy the Chicago company — which owns The Los Angeles Times, Chicago Tribune and several other newspapers — for $12.25 per share.

Gannett Co., based in McLean, Virginia, said at the time that Tribune Publishing refused to have meaningful discussions about a deal.

Tribune said Wednesday that “after thorough consideration” its board decided the proposal understates the company’s true value and is not in the best interests of its shareholders.